Functional Safety Market Introduction and Overview
According to SPER market research, ‘Global Functional Safety Market Size- By Device, By Systems, By Industry – Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Functional Safety Market is predicted to reach 12.25 billion by 2034 with a CAGR of 6.51%.
Functional safety is the component of safety that guarantees a system or device responds to inputs appropriately even when there are flaws. It is accomplished by the identification of possible risks, evaluation of related risks, and use of risk-reduction strategies. Functional safety is used extensively in sectors where malfunctions could cause injury, such as medical equipment, industrial automation, automotive, and aerospace. Standards like IEC 61508 (general safety) and ISO 26262 (automotive) are cited.
Restraints:
Adoption may be severely hampered by the high upfront costs and complexity of putting in place functioning safety measures, especially for small and medium-sized businesses (SMEs). Furthermore, incorporating new systems into current processes can be challenging and need specific expertise and abilities that the company may not have on hand. The expense of managing and maintaining these systems is further increased by the requirement for specialist staff.
Scope of the report:
Report Metric Details
Market size available for years 2021-2034
Base year considered 2024
Forecast period 2025-2034
Segments covered
By Device, By Systems, By Industry
Regions covered
North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa
Companies Covered
ABB Ltd., DEKRA Group, Emerson Electric Co, Endress+Hauser Management AG, General Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Omron Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation, Modelwise, Ascent Labs.
Global Functional Safety Market Segmentation:
By Device:
Based on the Device, Global Functional Safety Market is segmented as; Safety Sensors, Safety Modules, Valves, Programmable Safety Systems, Safety Switches, Actuators, Emergency Stop Devices.
By Systems:
Based on the Systems, Global Functional Safety Market is segmented as; Emergency Shutdown Systems, Fire & Gas Monitoring Controls, Turbo machinery Controls Systems, Burner Management Systems, High Integrity Pressure Protection Systems, Distributed Control Systems, Supervisory Control and Data Acquisition Systems.
By Industry:
Based on the Industry, Global Functional Safety Market is segmented as; Oil & Gas, Power Generation, Chemicals, Food & Beverages, Pharmaceuticals, Automotive, Railways.
By Region:
This research also includes data for North America, Latin America, Asia-Pacific, Europe and Middle East & Africa.
- 1. Introduction
- 1.1. Scope of the report
- 1.2. Market segment analysis
- 2. Research Methodology
- 2.1. Research data source
- 2.1.1. Secondary Data
- 2.1.2. Primary Data
- 2.1.3. SPERs internal database
- 2.1.4. Premium insight from KOLs
- 2.2. Market size estimation
- 2.2.1. Top-down and Bottom-up approach
- 2.3. Data triangulation
- 3. Executive Summary
- 4. Market Dynamics
- 4.1. Driver, Restraint, Opportunity and Challenges analysis
- 4.1.1. Drivers
- 4.1.2. Restraints
- 4.1.3. Opportunities
- 4.1.4. Challenges
- 5. Market variable and outlook
- 5.1. SWOT Analysis
- 5.1.1. Strengths
- 5.1.2. Weaknesses
- 5.1.3. Opportunities
- 5.1.4. Threats
- 5.2. PESTEL Analysis
- 5.2.1. Political Landscape
- 5.2.2. Economic Landscape
- 5.2.3. Social Landscape
- 5.2.4. Technological Landscape
- 5.2.5. Environmental Landscape
- 5.2.6. Legal Landscape
- 5.3. PORTERs Five Forces
- 5.3.1. Bargaining power of suppliers
- 5.3.2. Bargaining power of buyers
- 5.3.3. Threat of Substitute
- 5.3.4. Threat of new entrant
- 5.3.5. Competitive rivalry
- 5.4. Heat Map Analysis
- 6. Competitive Landscape
- 6.1. Global Functional Safety Market Manufacturing Base Distribution, Sales Area, Product Type
- 6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Functional Safety Market
- 7. Global Functional Safety Market, By Device 2021-2034 (USD Million)
- 7.1. Safety Sensors
- 7.2. Safety Modules
- 7.3. Valves
- 7.4. Programmable Safety Systems
- 7.5. Safety Switches
- 7.6. Actuators
- 7.7. Emergency Stop Devices
- 8. Global Functional Safety Market, By Systems 2021-2034 (USD Million)
- 8.1. Emergency Shutdown Systems
- 8.2. Fire & Gas Monitoring Controls
- 8.3. Turbo machinery Controls Systems
- 8.4. Burner Management Systems
- 8.5. High Integrity Pressure Protection Systems
- 8.6. Distributed Control Systems
- 8.7. Supervisory Control and Data Acquisition Systems
- 9. Global Functional Safety Market, By Industry 2021-2034 (USD Million)
- 9.1. Oil & Gas
- 9.2. Power Generation
- 9.3. Chemicals
- 9.4. Food & Beverages
- 9.5. Pharmaceuticals
- 9.6. Automotive
- 9.7. Railways
- 10. Global Functional Safety Market, 2021-2034 (USD Million)
- 10.1. Global Functional Safety Market Size and Market Share
- 11. Global Functional Safety Market, By Region, 2021-2034 (USD Million)
- 11.1. Asia-Pacific
- 11.1.1. Australia
- 11.1.2. China
- 11.1.3. India
- 11.1.4. Japan
- 11.1.5. South Korea
- 11.1.6. Rest of Asia-Pacific
- 11.2. Europe
- 11.2.1. France
- 11.2.2. Germany
- 11.2.3. Italy
- 11.2.4. Spain
- 11.2.5. United Kingdom
- 11.2.6. Rest of Europe
- 11.3. Middle East and Africa
- 11.3.1. Kingdom of Saudi Arabia
- 11.3.2. United Arab Emirates
- 11.3.3. Qatar
- 11.3.4. South Africa
- 11.3.5. Egypt
- 11.3.6. Morocco
- 11.3.7. Nigeria
- 11.3.8. Rest of Middle-East and Africa
- 11.4. North America
- 11.4.1. Canada
- 11.4.2. Mexico
- 11.4.3. United States
- 11.5. Latin America
- 11.5.1. Argentina
- 11.5.2. Brazil
- 11.5.3. Rest of Latin America
- 12. Company Profile
- 12.1. ABB Ltd.
- 12.1.1. Company details
- 12.1.2. Financial outlook
- 12.1.3. Product summary
- 12.1.4. Recent developments
- 12.2. Ascent Labs
- 12.2.1. Company details
- 12.2.2. Financial outlook
- 12.2.3. Product summary
- 12.2.4. Recent developments
- 12.3. DEKRA Group
- 12.3.1. Company details
- 12.3.2. Financial outlook
- 12.3.3. Product summary
- 12.3.4. Recent developments
- 12.4. Emerson Electric Co.
- 12.4.1. Company details
- 12.4.2. Financial outlook
- 12.4.3. Product summary
- 12.4.4. Recent developments
- 12.5. Endress+Hauser Management AG
- 12.5.1. Company details
- 12.5.2. Financial outlook
- 12.5.3. Product summary
- 12.5.4. Recent developments
- 12.6. General Electric Company
- 12.6.1. Company details
- 12.6.2. Financial outlook
- 12.6.3. Product summary
- 12.6.4. Recent developments
- 12.7. HIMA Paul Hildebrandt GmbH
- 12.7.1. Company details
- 12.7.2. Financial outlook
- 12.7.3. Product summary
- 12.7.4. Recent developments
- 12.8. Honeywell International Inc.
- 12.8.1. Company details
- 12.8.2. Financial outlook
- 12.8.3. Product summary
- 12.8.4. Recent developments
- 12.9. Omron Corporation
- 12.9.1. Company details
- 12.9.2. Financial outlook
- 12.9.3. Product summary
- 12.9.4. Recent developments
- 12.10. Rockwell Automation Inc.
- 12.10.1. Company details
- 12.10.2. Financial outlook
- 12.10.3. Product summary
- 12.10.4. Recent developments
- 12.11. Others
- 13. Conclusion
- 14. List of Abbreviations
- 15. Reference Links
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